XRP (XRP) Price Prediction for July 16

Key Points

1. XRP price extended its bullish rally into the $2.95 to $3.03 range before encountering resistance near the 0.236 Fibonacci level on the weekly chart.

2. The pullback in XRP price is driven by short-term exhaustion and profit-taking near historical resistance zones, with RSI dropping to 42.1 reflecting weakening momentum.

3. Key support levels include $2.83 intraday support, $2.70 to $2.65 region (EMA50 and lower Bollinger band), and $2.58 as a critical level to watch.

4. The derivatives market shows a -1.75% drop in open interest despite a 38% surge in volume, with Binance top traders holding a long-to-short ratio of 2.91 and a positive funding rate of 0.0125%.

5. XRP price is likely to consolidate between $2.83 and $2.95 over the next 24 hours, with potential for a retest of $3.03 to $3.10 if it closes above $2.91 with volume support.